Adani Group dismisses NDTV’s contention of stake sale needing I-T Dept’s nod

New Delhi: Adani Group has rejected NDTV promoter group company RRPR Holding’s contention that the Income Tax department has provisionally attached its stakeholding in the media company.

In a regulatory filing with the Bombay Stock Exchange (BSE) on Wednesday, Adani Group described RRPR Holding’s statement as misconceived and misleading and has asked the NDTV promoter group entity to convert the warrants into equity shares.

Adani Group’s letter to BSE came after RRPR Holding informed Vishvapradhan Commercial Private Limited (VCPL, an indirect subsidiary of Adani Enterprises) that its (RRPR Holding’s) stakeholding in NDTV has been provisionally attached by the Income Tax authorities and requires their (I-T department’s) approval for transfer.

VCPL along with a couple of other entities has initiated a process to take a significant share in the media company, a move which NDTV has described as a hostile takeover.

On August 23, Adani group had announced acquisition of a 29.18 per cent indirect stake in NDTV through takeover of VCPL, which holds a 99.99 per cent stake in RRPR Holding.

In the BSE filing on September 1, Adani Group has asked RRPR Holding to withdraw its letter and described it as an effort to further inordinately delay the process of warrant conversion, asking it to take all necessary steps and perform its obligation as set out in the notice and complete the formal steps of allotment of equity shares of RRPR to VCPL.

The group has asked RRPR Holding (RRPRH) to withdraw the letter and alleged it was written with the intent to further inordinately delay the warrant conversion and to perform its obligations without any further delay.

Earlier, RRPR Holding had informed VCPL that due to the attachment of its shareholding, approval from the Income Tax authorities would be required and invited VCPL to join its application to the abovementioned authorities.